http://www.soundgenerator.com/news/showarticle.cfm?articleid=7913&CFID=14578857&CFTOKEN=42869527

The London Astoria, famed for showcasing up-and-coming rock bands, as well as hosting intimate shows by mega rock groups and it's G-A-Y Night, could close next year after being bought by a property development company, Sound Generator can exclusively reveal.

Late last week, development company Derwent Valley struck a deal with Mean Fiddler worth almost £24m, and are rumoured to be planning to turn the aging theatre into a new development of shops, office space and flats. Derwent already own much of the land and buildings surrounding the Astoria, and could develop the entire block into a retail complex.

"The Astoria is a valuable addition and a strategic acquisition, which adjoins our existing holdings in the area and will form a potential development site for the future," John Burns, Managing Director of Derwent Valley confirmed.

"We are committed to the regeneration of key areas in London and are looking forward to the opportunities afforded by such a prominent location," he added. The deal includes the building at 17 Oxford Street, a 3,270 sq foot retail area on a 25-year lease since 1997.
By: News Desk